Frequently Asked Questions

Here you will find our most asked questions we receive as accountants. We put together this page to save you time by being able to find the answer to your question so easily! If you find the answer to your question is not listed below. Please use the chat box or fill out the enquiry form and a member of our team will be in touch shortly with an answer to the question!

FREQUENTLY ASKED QUESTIONS

Here you will find our most asked questions we receive as accountants. We put together this page to save you time by being able to find the answer to your question so easily!

FAQ’S

Here you will find our most asked questions we receive as accountants. We have put together this page to save you time by being able to find the answer to your question so easily! If you find the answer to your question is not listed below. Please use the chat box or fill out the enquiry form and a member of our team will be in touch shortly with an answer to the question!

Do you charge for an initial meeting?

We’d love to chat and get to know you first, so the first meeting is always complimentary with no strings attached. We can discuss all your Accounting needs, and even provide a quote for services.

How easy is it to switch to a new accountant?

Switching to a new Accountant is an easier process than you think. If you provide us with the details of your previous Accountant, we will be able to contact your previous Accountant to transfer over all information and documents needed to continue forward without interruption.

What are your fees/pricing?

At Think Smart Accounting we’re happy to provide an upfront quote for our services. We can tailor a package to suit your needs. We don’t like to provide generic pricing on our website as we like to treat every client as an individual. A particular price might suit one client, when another could be totally different. We are very competitive with our pricing, so why not book in for your complimentary initial consultation today.

Do you offer monthly payments/retainers?

Yes. We offer a couple of different options to suit each individual client. Our preferred method of payment is using a direct debit arrangement – this is when the entire fee for a whole year is split out into easily manageable monthly payments. You may also prefer to pay once the services are completed. Or you can even do a combination of both.

What is your preferred accounting software?

Not every software works for every business, but we think Xero is pretty great. In our opinion it’s a perfect software to build a working relationship between a client and their Accountant. We know the software back to front and are happy to give our tips on how to use the software most effectively.

Handy tip – have you made lots of mistakes during the year? Using the “Find and Recode” tool in Xero we can fix those mistakes in minutes, not hours.

Xero is middle of the road as far as cost goes in cloud software, but the time we save through efficiencies in using the software, can ultimately be offset against what you might save using a cheaper software.

We’ve worked with Xero for so long that we know the software back to front and are happy to give away our tips and secrets on how to use the software most effectively.

Xero is brilliant software that just works! We’ve only ever comes across minor issues with the software in the seven years we’ve been using it, and it’s extremely reliable. As an example, another large accounts software company with a remarkably similar product is cheaper and also offering upfront discounts. It is used by a few of our clients and we’ve always run into issues using it. This includes one client who is unable to give us access to their file. We’ve tried to work with the software provider to gain access, and they have given no remedy after several months of correspondence!

Can you help me setup Xero, or help me switch from my existing software?

Yes, we’ve helped numerous clients set up in Xero for the first time or convert from other software. We love to perform the initial set up for clients in Xero so that we know it’s been done right from the start. It allows us to work on background settings to help systems run more efficiently, so that we gain back the time later. We’re so confident that we can make back the time later, that we have not charged a client to set up a file yet.

Xero currently offers a free conversion service for clients transferring from MYOB or Reckon (Desktop), so we can help you run through this process. Currently Xero does not offer conversion from Quickbooks Online, however there are ways to export transactions to excel and import them into Xero that we have done for clients previously. Regardless of whether you can easily convert or not, we think it’s well worth the effort. There are always ways to minimise the time and cost involved in doing this.

Do I need to look at my Profit & Loss and Balance Sheet?

The Profit & Loss and Balance Sheet are important reports which tell you how well your business is performing and what it’s worth. We love to show our clients what the reports mean, so that they can use this information to make better strategic decisions for their business.

The information in these reports can help you identify how to increase sales, reduce expenses and grow your profit. We encourage clients to review these reports once a month so they can track the performance throughout the year. This enables them to make timely business decisions, rather than waiting until it’s too late.

I want to start up a new business, how can you help?

We offer an initial, no obligation, meeting to run through with you some of the important things to know before you start your business.
We can help you:

– Set up the best structure to ensure your assets are protected and help you minimise tax.
– Work through some initial numbers to make sure the business is viable.
– Decide which software is right for your business.
– Learn what your reporting obligations will be to the ATO
– Work out what your compliance costs will be and provide an upfront quote so that you are aware of what they are before you get started.